|Posted:||April 7, 2020 10:36 AM|
|From:||Representative Joe Ciresi|
|To:||All House members|
|Subject:||COVID-19 Working Capital Access Loan Program Recapitalization|
|The COVID-19 pandemic has hit all Pennsylvanians, with devastating impacts. It has not spared any citizen or family, and it has been especially hard on Pennsylvania’s small businesses.
Many businesses have been asked to close their doors to help mitigate the spread of the virus. Their leadership and sacrifice in this fight to stop the spread of COVID-19 has been vital. Businesses are doing their part, but we need to do more to help them to survive the devastating impact this is having on their family’s income and make sure they can reopen when this is over.
The COVID-19 Working Capital Access loan program is one of the resources that could help ensure that a business will be able to reopen its doors after this pandemic.
The loan program, which provides 0% interest rate loans of up to $100,000 in working capital to for-profit small businesses, was funded with $61 million. An overwhelming number of applications were received in only a few days of the program being open, surpassing the allotted funding available.
We are proposing a bill that will re-open the program and expand its reach. The proposal will:
Introduced as HB2512